22nd Century Group Q2 2024 Earnings Report
Key Takeaways
22nd Century Group reported a 22.8% sequential increase in net revenues to $7.9 million. The company achieved a gross profit of $0.6 million, a significant improvement from the previous quarter's loss. Operating and net losses also decreased substantially, and the company is targeting cash positive operations by Q1 2025.
Net revenues increased sequentially by 22.8% to $7.9 million.
Gross profit was $0.6 million, compared to $(1.1) million in the previous quarter.
Operating loss declined 53.8% to $2.0 million.
Net loss decreased 61.4% to $2.2 million.
22nd Century Group
22nd Century Group
Forward Guidance
The company expects revenue growth from new contract volumes to continue ramping up in the latter half of fiscal 2024, with the goal of achieving cash positive operations by the first quarter of 2025.